PracticeConsultingACCA finds fault with IAPC proposal

ACCA finds fault with IAPC proposal

Proposed new global standards for the auditing of banks - drawn up by the International Auditing Practices Committee - are not in the public interest, the Association of Chartered Certified Accountants has warned.

The ACCA claimed the proposed IAPC exposure draft The Audit of International Commercial Banks made hardly any reference to going concern.

Chairman of ACCA’s Audit Committee Jonathan Beckerlegge said ‘The most obvious area of public interest concern about banks is their financial stability and integrity.

‘Any guidance on auditing banks should include comprehensive advice on going concern. This is of the utmost importance and we strongly recommend the introduction of specific guidance on this issue.’

ACCA also took issue with the name of the proposal and called on the IAPC to simplify the title to The Audit of Banks.

Another proposal, Exposure draft 1004, The Relationship Between Bank Supervisors And External Auditors was also criticised by the ACCA, which called for it to be ‘comprehensively updated’.

‘IAPS 1004 is in similar need of updating and we regret that IAPC has not produced revised drafts for both documents at the same time. This would have enabled holistic comment from interested parties,’ Beckerlegge concluded.

The IAPC issues International Standards on generally accepted auditing standards, assurance engagements and on the form and content of the auditor’s reports, with the intention of improving the degree of uniformity of auditing practices and related services throughout the world.

Links

IAPC Exposure draft: The Audit of International Commercial Banks

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